A bill to amend the Employee Retirement Income Security Act of 1974 with regard to mortgage investments.

Summary

Amends the Employee Retirement Income Security Act of 1974 to provide that certain fiduciary duties under such Act shall be deemed satisfied by investments in residential housing mortgages that provide adequate security and a reasonable rate of interest. Exempts from specified prohibitions under such Act the placing, investing, or purchase of a mortgage secured by residential housing property if such investment or sale: (1) is adequately secured; (2) is made in accordance with specific provisions regarding such loans set forth in the employee benefit plan; and (3) bears a reasonable rate of interest.

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Timeline

1. 29 September 1981

   Introduced

   Read second time and referred to Senate Committee on Labor and Human Resources.

   Source: IntroReferral

2. 29 September 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 5 October 1981

   Committee

   Committee on Labor and Human Resources requested executive comment from Labor Department; OMB.

   Source: Committee

4. 26 January 1982

   Committee

   Subcommittee on Labor. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 29 September 1981

  Open at official source

Sponsors

• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Lugar, Richard G. [R-IN] · R · Sponsor
• Sen. Percy, Charles H. [R-IL] · R · Sponsor
• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Laxalt, Paul D. [R-NV] · R · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Sponsor
• Sen. Murkowski, Frank H. [R-AK] · R · Sponsor
• Sen. Zorinsky, Edward [D-NE] · D · Sponsor
• Sen. Abdnor, James [R-SD] · R · Sponsor
• Sen. Burdick, Quentin N. [D-ND] · D · Cosponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Cosponsor
• Sen. Heflin, Howell [D-AL] · D · Cosponsor
• Sen. Hollings, Ernest F. [D-SC] · D · Cosponsor
• Sen. Specter, Arlen [R-PA] · R · Cosponsor
• Sen. Stevens, Ted [R-AK] · R · Cosponsor
• Sen. Nunn, Sam [D-GA] · D · Cosponsor
• · sshr00 · Standing

Related records

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